此外，贵州还通过实施电商发展"十百千万"工程，培育打造省级电商示范园区8家、电商直播示范基地 51家、电商示范企业348家、电商直播示范团队13家。前三季度，贵州省网上零售额1049.3亿元，增长 12.6%。 （文章来源：新华财经） 截至11月7日，贵州鼓励消费者汽车换新28.86万辆，家电、数码、家居换新377.5万件，电动自行车换新 8.11万辆，产生消费497.62亿元。前三季度，贵州汽车置换更新申请量、资金兑换率分别居全国第7位、 第2位；限上汽车增长20.7%，限上通讯器材类增长42.6%，限上日用品类增长15.6%。 贵州还通过打造消费场景、开展服务消费提质惠民行动等方式，发掘服务消费潜力。截至目前，贵州省 拥有商圈140个，其中省级商圈14个；200米以上的商业步行街116条，其中省级商业步行街21条，贵阳 市青云市集商业步行街已成为游客热门打卡地；省级夜间消费聚集区（美食街区）55个。 新华财经贵阳11月11日电（记者肖艳）记者从贵州省政府新闻办召开的新闻发布会上获悉，前三季度， 贵州省社会消费品零售总额增长3.8%，其中限上消费品零售额增长5.1%。批发和零售业、住宿和餐饮 业增加值分别增 ...

陈霞昌/摄 受访公司/供图 证券时报记者 陈霞昌 京东MALL单月连开4家店，天猫优品全国布局超1.4万家数字化门店，两家电商平台巨头的线下攻势正 在努力重塑中国家电零售市场的格局。在"以旧换新"政策加码、消费需求升级的双重驱动下，曾经深耕 线上的电商巨头纷纷向线下延伸，通过"线上+线下"的全域融合，开启零售行业的新一轮变革。但有一 个不容忽视的问题是，线上称王的电商平台巨头，占领传统家电连锁企业退出后的市场之后，又如何避 免重走它们的老路？ 线下布局： 两种路径，同样迅猛 "双11"前一周，家住肇庆市端州区的颜阿姨在小区附近的天猫优品门店买了一台海尔滚筒洗衣机。在购 买前，她问过店里的员工："商品和网上的有什么区别？价格一样吗？"得到的回复是，"商品都是电器 厂家直供的，门店价格和天猫优品网店价格一样，都是国补后的价格"。 对于这家开业没多久，只在网上看到过的"天猫"，颜阿姨曾担心会不会遇上了"山寨"店。而在付款时， 收款方显示是一家名为爱思电器商行的个体工商户，她更是感到疑惑。但最后让她下定决心的是店家给 出的政策：三年时间里商品有质量问题"只换不修"。 "商品价格和网上差不多，但是这个政策让我决定买单。 ...

消费场景加快创新，便民服务与文旅融合提速。全省累计打造140个商圈、116条商业步行街，贵阳市青云市集等成为热门打卡 地。围绕"一老一小"需求新增便民网点，推动"卖酒"向"卖生活方式"转型。离境退税政策落地后，境外旅客购物便利度显著提 升。县域商业体系持续完善，物流配送短板加快补齐，消费新业态试点城市申报工作有序推进。 为进一步提振消费，贵州推出四项具体举措：一是延续以旧换新政策，优化汽车置换补贴流程，取消地域限制；二是开展新车 购新促销，对10万元以下、10万—20万元、20万元以上新车分别补贴3000元、4000元、5000元；三是出台餐饮、商超、批发、 住宿等行业支持政策，建立三级帮扶机制；四是强化部门联动，定期协调解决企业困难，推动政策落地见效。 记者 刘云嵩 贵州省围绕群众品质生活需求，落实国家补贴政策，持续推进汽车、家电、家居等品类以旧换新。截至11月7日，全省累计推动 消费者置换汽车28.86万辆、家电数码家居377.5万件、电动自行车8.11万辆，带动相关消费497.62亿元。汽车置换更新申请量位 居全国第7，资金兑换率居全国第2。通讯器材类和日用品类限上零售额分别增长42.6%和15.6%。 ...

核心观点 以旧换新政策及货运需求拉动重卡行业增长，公司产销好于行业平均水平。2025 年重卡市场呈现出逐 季走强趋势，1-9 月累计销售82.14 万辆（批发口径，包含出口和新能源）同比增长20.3%，3 季度销售 28.21 万辆，同比增长58.1%，重卡销量连续6 个月实现同比正增长。重汽集团1-9 月累计销售22.41 万 辆，同比增长约19%，市占率达27%；9 月销量约2.7 万辆，同比增长约63%。A 股公司在手订单相对饱 满，3 季度产销好于行业水平，预计后续产销情况将持续向好。随着2 季度各地针对老旧运营货车的"以 旧换新"政策落地实施以及公路货运小旺季到来，我们预计4 季度重卡行业将保持景气向上态势。 风险提示 新能源重卡爆发式增长，集团出口创下历史新高。受益于政策支持、应用场景拓展以及新能源重卡续航 里程和性价比提升，新能源重卡销量持续创新高。据第一商用车网数据，3 季度新能源重卡行业销量 5.85 万辆，同比增长181.3%，其中9 月新能源重卡销量达2.41 万辆，渗透率达28.9%创下历史新高，公 司新能源重卡增速好于行业。出口方面，重汽集团1-9 月重卡出口销量11.1 万辆，同比 ...

Core Viewpoint - The article discusses the impact of the national subsidy program on consumer behavior and various industries, highlighting both the benefits and challenges faced by different market players as the subsidy program comes to a close [4][5]. Group 1: National Subsidy Program Overview - The national subsidy program has allocated a total of 300 billion yuan in 2023, with the last batch of 69 billion yuan announced on September 30, marking the end of a nearly two-year consumer stimulus initiative [4][5]. - The program has seen 330 million applications, driving sales exceeding 2 trillion yuan, accounting for about 7% of the total retail sales of consumer goods (excluding catering) during the first eight months of the year [5][6]. Group 2: Industry Impact - The automotive sector has been the largest beneficiary of the subsidy, with applications for vehicle trade-ins reaching 4.12 million, translating to approximately 618 billion to 824 billion yuan in subsidies, making it the "black hole" for funding [16][17]. - The home appliance industry has also benefited, with major companies like Midea, Haier, and Gree reporting significant profit increases, while the overall market is experiencing a structural upgrade towards smarter and more energy-efficient products [17][18]. Group 3: Company Performance - BYD reported a revenue of 371.3 billion yuan in the first half of 2025, a 23.3% year-on-year increase, positioning itself as a major beneficiary of the subsidy program [8]. - Xiaomi has also capitalized on the subsidy, achieving a 47.4% revenue growth to 111.3 billion yuan in the first quarter of 2025, with significant increases in its IoT and consumer product segments [9][10]. - Apple experienced a 4.4% revenue growth in the Greater China region in the second quarter of 2025, aided by the subsidy program, despite a general decline in smartphone shipments [10]. Group 4: Market Dynamics - The subsidy program has intensified competition among brands, with companies needing to respond quickly to market changes to capture consumer interest [11][12]. - E-commerce platforms have also been affected, with JD.com emerging as a major beneficiary due to its direct engagement with local governments and efficient supply chain management, while Pinduoduo struggled due to its reliance on smaller merchants [11][13]. Group 5: Regional Disparities - The implementation of the subsidy program has revealed significant regional disparities, with wealthier areas benefiting more due to better access to information and resources, while rural and low-income populations face barriers to participation [23][24]. - Jiangsu province has demonstrated effective execution of the subsidy program, achieving a retail sales growth of 5% in the first half of 2025, while regions like Yunnan have struggled with lower subsidy utilization [25][26].

Core Insights - The wholesale and retail industry in China has shown positive growth in the first nine months of 2025, with a value-added increase of 5.6% year-on-year, reaching 10.5 trillion yuan, accounting for 10.3% of GDP [1] - The industry is supported by a diverse range of business formats, with significant profit growth in wholesale and retail sectors [1][2] - The rural market is demonstrating strong vitality, with rural retail sales growing faster than urban areas, and e-commerce in rural areas is thriving [2][3] Group 1: Wholesale and Retail Performance - The wholesale sector's profit increased by 8.2% year-on-year, with industrial consumer goods and production materials seeing profits rise by 17.9% and 6.4% respectively [1] - Retail sales reached 32.5 trillion yuan, growing by 4.6% year-on-year, with various retail formats such as convenience stores and supermarkets showing positive growth [1] Group 2: Urban and Rural Market Development - Urban commercial activity is stable, with foot traffic and sales in monitored pedestrian streets increasing by 4.3% and 4.4% respectively [2] - Rural retail sales reached 4.9 trillion yuan, growing by 4.6%, outpacing urban growth by 0.2 percentage points, with rural e-commerce sales increasing by 7.7% [2] Group 3: Consumer Trends and Innovations - The "trade-in" policy has led to significant consumer engagement, with over 76 million consumers participating in the program, resulting in the purchase of over 1.26 billion home appliances and 880 million digital products [3] - Traditional brands are revitalizing, with events generating significant sales and online-offline sales reaching 169 billion yuan [3]

城乡市场同步发展，客流消费稳定增长。城市商业稳中向好。1—9月，商务部重点监测的全国78个步行 街（商圈）客流量、营业额同比分别增长4.3%、4.4%。全国210个试点地区累计建设6255个一刻钟便民 生活圈，涉及养老、家政、零售等商业网点150.3万个，服务社区居民1.29亿人。县乡市场活力凸显。据 国家统计局数据，1—9月，乡村消费品零售额4.9万亿元，同比增长4.6%，增速高于城镇0.2个百分点， 包括镇区和乡村的县乡市场规模占社会消费品零售总额的比重达38.8%。农村电商蓬勃发展。商务大数 据显示，1—9月，全国农村网络零售额同比增长7.7%；农产品网络零售额同比增长9.6%。 商务部流通发展司负责人谈2025年1—9月我国批发和零售业发展情况。 今年以来，商务部深入贯彻落实党中央、国务院决策部署，加快完善现代商贸流通体系，多措并举推动 批发和零售业高质量发展。据国家统计局数据，1—9月，我国批发和零售业增加值10.5万亿元，同比增 长5.6%，占GDP比重为10.3%。我国批发和零售业发展总体向好，为全方位扩大国内需求、做强国内大 循环提供有力支撑。 批零行业稳中有进，多元业态蓬勃发展。从批发业看， ...

Core Viewpoint - The event "New Scene, Nanjing Rest Assured" aims to enhance the consumer environment in Nanjing, aligning with the "Three-Year Action Plan for Optimizing the Consumer Environment (2025-2027)" and addressing citizens' needs for a better quality of life [1][2]. Group 1: Consumer Environment Initiatives - The establishment of the "Nanjing Consumer Environment Observers" team, consisting of diverse members such as media reporters and students, is intended to shift the focus from government-led initiatives to community-driven efforts in ensuring consumer safety and quality [1][2]. - The launch of the first "Rest Assured Consumption Theme Scene" at McDonald's Xuanwu Lake restaurant aims to provide citizens with a tangible experience of a safe consumption environment [1]. Group 2: Case Collection and Industry Collaboration - The 2025 collection of excellent consumption cases focuses on new directions in Nanjing's consumption, including service innovations in first-store and first-release economies, sustainable practices, and regulatory innovations for resolving consumer disputes [2]. - Six industry associations have jointly initiated a "Rest Assured Consumption" advocacy to promote self-regulation within industries, enhancing the overall consumer environment [2]. Group 3: Consumer Rights and Protections - Nanjing has implemented various measures such as seven-day no-reason returns, online dispute resolution, and the establishment of 593 consumer rights service stations to create a favorable consumption environment [3]. - The city has trained 711 companies in online dispute resolution mechanisms, facilitating efficient consumer rights protection [3]. Group 4: Future Plans and Goals - Nanjing plans to conduct a series of activities over the next month focused on consumer rights promotion, business integrity training, and enhancing consumer experiences, aiming to improve the overall consumer environment [3]. - The initiative seeks to activate consumer vitality and strengthen the foundation of citizens' livelihoods, contributing to the development of an international consumer center city [3].

Core Insights - The consumer market in Nanjing is experiencing robust growth, with a total retail sales of social consumer goods reaching 614.06 billion yuan in the first three quarters, marking a year-on-year increase of 4.4% [1] - The "trade-in" policy has significantly boosted sales in various categories, particularly in home appliances, communication devices, cultural office supplies, and automobiles, with notable growth in smart, green, and high-quality products [1][3] Group 1: Consumer Market Performance - In the first three quarters, retail sales of household appliances and audio-visual equipment, cultural office supplies, communication devices, and automobiles increased by 17.4%, 21.7%, 26.9%, and 11.8% respectively [3] - Nanjing's Suning stores reported nearly 80% year-on-year growth in sales of home appliances and mobile phones, with sales of smartphones priced below 6,000 yuan increasing by over 100% due to government subsidies [5] Group 2: Consumption Trends - The trend of "experience-based consumption" is emerging in Nanjing, with retailers enhancing physical spaces to create immersive and interactive shopping environments [8] - Upgraded stores at Suning have seen a 70% increase in sales of smart home appliances, while sales of smart robots and wearables have surged by 120% [8] Group 3: Promotional Activities - The "Double Eleven" shopping festival is expected to further energize the consumer market, with many retailers offering promotions that can be combined with government subsidies [9] - During the "Double Eleven" period, various themed promotional events are being held, focusing on enhancing overall quality of life solutions rather than just individual products [11]

Core Viewpoint - 九州通's medical device segment showed strong growth in the first three quarters of 2025, with sales revenue reaching 28.963 billion yuan, a year-on-year increase of 17.20% [1] Group 1: Business Performance - The medical device business covers three main areas: OTC, medical, and professional services, demonstrating a diversified and collaborative development pattern [1] - In the OTC segment, 九州通 collaborated with well-known brands such as Yuyue, Sanor, Kefu Mei, and Durex, achieving comprehensive coverage across all categories and channels [1] - The online business saw significant growth due to the "old-for-new" policy for consumer goods, with related sales exceeding 537 million yuan in the first three quarters [1] Group 2: Medical Business - 九州通 focuses on high-value consumables in major surgical, vascular intervention, orthopedics, and IVD fields, establishing partnerships with over 60% of the global top 100 multinational companies and 80% of domestic top 100 industrial enterprises [1] - The sales revenue from medical equipment under the "old-for-new" policy reached 5 billion yuan, marking a 42% year-on-year increase [1] - The company accelerated the expansion of its SPD (Supply Processing Distribution) business, signing 28 new projects in the first three quarters, with a cumulative total of 132 bids won [1] Group 3: Professional Services - 九州通 continues to optimize its SPD system and digital service platforms such as the Orthopedic Chang'e platform, advancing the development of SPD smart cabinets [1] - The company achieved full tracking of personnel and goods in 3D trajectories, providing integrated supply chain solutions for hospitals [1]